Transfer certificate or Registration needed for transport?

[RangeBob]

The way I see it, the NoT either IS a registration certificate, or it IS NOT a registration certificate.

The NoT is not a registration certificate.

The question is whether the NoT, which has the registration certificate number on it, is proof that you are the "holder" of a registration certificate.
Since in order to have a registration certificate number you must have a registration certificate in the CFRO database. The number is proof of, and the index to, a valid registration certificate for you and that gun (thus you are the holder in that sense), you just don't have it in your hand yet (which is holder in another sense).

The next question is if you can convince a cop of that, and then if you can convince a court of that.
It's probably cheaper & easier to wait.